Due to complete next month on a leasehold property in Drybrook. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Drybrook should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
• Do you need to have carpet in the flat or are you allowed wood flooring?
• You need to be told what counts as a Nuisance in the lease
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• What you can do if a neighbour is in violation of a provision in their lease?

I am looking at a couple of maisonettes in Drybrook both have approximately 50 years left on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold flat in Drybrook. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I work for a long established estate agent office in Drybrook where we have experienced a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Drybrook conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any top tips for leasehold conveyancing in Drybrook with the purpose of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Drybrook can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
• The majority landlords or managing agents in Drybrook levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Drybrook.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Drybrook leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such works. Where you dont have the approvals in place do not communicate with the landlord without contacting your solicitor first.
• A minority of Drybrook leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a re-issued share certificate is often a time consuming process and frustrates many a Drybrook home move. If a new share is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

I invested in buying a leasehold flat in Drybrook, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Drybrook with over 90 years remaining are worth £229,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2101

You have 75 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.